Tag Archives: Lehman

The Bailout and the Backlash

Treasury Secretary Paulson and Republicans in Congress object to tying limits on executive compensation (especially “golden parachutes”) to bailouts in the legislation now pending. Even with such limits, a taxpayer revolt may be in the offing. Freemarket conservatives jump up and down, stamp their feet and scream “class warfare!” whenever anyone talks of raising taxes or placing limits on the obscene (and growing) wealth of the richest Americans. To which my response is–and your point?! Should the rest of us stand idly by while the government slaps us with the┬ábill for the greed, the stupidity and the incompentence of those who run the financial institutions that got us into this mess? Now is the time to strike a blow for financial freedom for the serfs who serve the lords of the realm. Still, we are all not blameless. More on that tomorrow.